The cool cost of buying an energy-efficient fridge

Advertisement

For most of us, buying a new fridge is a bit stressy.

There’s so much to consider, like whether you’ll have ample space in the freezer for giant tubs of neapolitan ice cream with just the strawberry bit left, and whether you really need that in-built water dispenser you saw someone fill with wine on Facebook that one time.

But something that may also be on your radar is how expensive it’ll be to run, or in other words, your new fridge’s energy-efficiency.

It’s really hard to miss seeing as you’ll see nothing but this bugger for miles.

energy saving ratings

Pretty sure this design hasn’t changed since the 90s

But what are you really getting out of buying a fridge with more stars? How much could it stand to save you on your power bill?

The graph below shows you the average energy costs for running a less energy-efficient fridge (1 to 2.5 stars) and a more energy efficient fridge (4.5 to 6 stars). The savings are the amount a household could stand to save on their energy costs if they choose a more efficient model.

Energy efficient fridge chart

If that’s too many numbers for you, the gist of it is that you’ll save between $56 and $88 dollars on power a year if you choose a more efficient fridge, depending on the state you’re in because electricity usage costs vary across the country.

And you’re right to think that’s not that much.

What’s more is that, if the less efficient fridge costs you a few hundo less to start off with, wouldn’t you go with that? Well, those savings per year on a 4.5 star+ fridge add up and you’ll be ahead of those initial savings thanks to lower energy bills within just a few years, if you’re willing to play the long game.

Here’s another a scenario to really drive that idea home.

Say you’ve popped into Harvey Norman and spent $1,500 on an energy-efficient fridge. Those extra savings add up year after year, and eventually, assuming the fridge hasn’t skitzed it in that time, those savings will add up to $1,500.

This, ladies and gentlemen, is what we call breaking even. To be clear as day, the break even time considers the entire purchase price of the efficient fridge, not just the extra cost you’ll pay for it in comparison to a cheaper option.

But how long until that happens? Probably around 20 years, according to our calculations.

We’ve used average fridge running costs for units between 450L and 650L put against current average power rates to bring you the estimates below.

Hexagon chart efficient fridge

Lucky South Australians should earn that money back before their first kid goes to uni, to help them pay for textbooks and perhaps even a new fridge for their first share house.

But hey, with cheaper power, even Queenslanders may be able to break even early. Take a look at some stellar deals from our database below.

Compare Energy Prices

Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Ausgrid network in Sydney but prices may vary depending on your circumstances. This comparison assumes general energy usage of 3900kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4600kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the SA Power network in Adelaide but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.

Image credits: Gorodenkoff/shutterstock.com

Share this article

Advertisement